Weekly Insights Feb 26 - fbicgroup...!4 February 26, 2016 DEBORAH(WEINSWIG,(EXECUTIVE(DIRECTOR–HEAD(OF(GLOBAL(RETAIL(&(TECHNOLOGY([email protected]((US:(917.655.6790((HK:(852.6119.1779((CN

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February 26, 2016

DEBORAH WEINSWIG, EXECUTIVE DIRECTOR–HEAD OF GLOBAL RETAIL & TECHNOLOGY [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved.

+5.4% CHART OF THE WEEK

STAT OF THE WEEK

STAT OF THE WEEK

• At this week’s Mobile World Congress in Barcelona, the

event’s producer, GSMA, revealed that the mobile industry contributed 4.2% of global GDP, or $3.1 trillion, in 2015.

• GSMA estimates that the mobile industry will add $3.7 trillion to the global economy by 2020.

Sterling Falls to Seven-‐Year Low Against the US Dollar on Brexit Fears 4.2%

D E B O R A H W E I N S W I G Executive Director – Head of Global Retail & Technology

Fung Business Intelligence Centre [email protected]

US: 646.839.7017 HK: 852.6119.1779

CN: 86.186.1420.3016

• This week, members of the FBIC Global Retail & Technology team attended the Mobile World Congress (MWC) 2016 in Barcelona, where presentations focused on “the mobile revolution,” the Internet of Things (IoT), mobile security, the value of the mobile economy and the boom in mobile video.

• A second annual study by Facebook estimates that 3.2 billion people were online as of the end of 2015, up from 3 billion in 2014. The increase was partly attributable to more affordable data and rising global incomes. Over the past 10 years, connectivity has increased by approximately 200 to 300 million people per year.

• About 35% of global online sales happened on mobile phones in the fourth quarter of 2015, according to Criteo. Japan, the UK and South Korea are the three countries where smartphones account for the highest percentage of mobile transactions.

• Sony has announced that it will build a centralized platform for educational assessment and testing scores, and it plans to take advantage of blockchain, the technology that underpins the bitcoin cryptocurrency, in order to do so. Blockchain will be used to house educational data that can be securely shared with other services and third parties.

February 26, 2016

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February 26, 2016


FROM THE DESK OF DEBORAH WEINSWIG

MOBILE WORLD CONGRESS 2016 This week, members of the FBIC Global Retail & Technology team attended the Mobile World Congress (MWC) 2016 in Barcelona. Several presentations focused on “the mobile revolution,” and discussion topics ranged from the Internet of Things (IoT) in consumer and industrial applications, to mobile security and the risks the IoT presents, to the value of the mobile economy, to the boom in mobile video. Here, we summarize a few of our favorite presentations.

First, to provide an idea of the size of the global mobile economy, here are some figures supplied by the GSMA, the organization that produces the MWC each year: some 7 billion devices are currently connected to the Internet, and that figure is estimated to grow by another 1 billion by 2020; the mobile economy was worth $3.1 trillion in 2015, equivalent to 4.2% of global GDP; and the mobile economy employs roughly 30–32 million people. COMPANIES OLD AND NEW ADAPT TO A MOBILE WORLD On day one of the MWC, we heard from the CEOs of Ford and PayPal. One is an “old” company with a heritage spanning more than a century, while the other is a company that developed with the Internet; both are evolving in response to mobile technology. Mark Fields, President and CEO of Ford, talked about how Ford has tapped into the connected-‐devices revolution and the changes we have seen in the way consumers live and use transportation. In response to these changes, Ford is moving into the transportation services market, he said, such as with its GoDrive car rental service in London. It is also conducting research into self-‐driving cars; Fields said Ford has the largest autonomous test fleet among all the automakers. The company is investing in data and analytics, too. At the MWC, it unveiled its mobile wallet and membership service, Ford Pass, which aims “to do for the automotive industry what iTunes did for music.” Dan Schulman, President and CEO of PayPal, then discussed how his company is evolving into a mobile payments company. Schulman observes two major trends in mobile: it is redefining retail and commerce and it is democratizing money by making financial services easier, faster and less expensive. PayPal is expanding options, both in terms of how users can pay (no longer simply by credit or debit card) and where and how they can use PayPal (from in-‐store mobile payments to in-‐app transactions). Still, millions of people remain outside the financial system, Schulman said. For them, innovative firms such as PayPal can drive down costs and make financial services more accessible via a mobile-‐first proposition. THE MOBILE CENTURY? On day two, Laura Desmond, CRO of Publicis and CEO of Starcom Mediavest Group, asked attendees if they thought the 21st century will be “the mobile century.” It may well be, she concluded, given that “mobile” is rapidly being redefined; the term now encompasses video, virtual reality and augmented reality, and it will continue to evolve, she said. Desmond’s compelling presentation was predicated on this being a century of “more” for mobile, and she laid out four areas where this applies. First, more devices: there are already 3.7 billion mobile phones in use, and the number is projected to rise to 6.5 billion in 2020, with no plateau in sight and with uptake not confined to certain types of consumers, regions or economies. Second, more attention: people are spending more time on mobile, seven hours per day on average. Third, more commerce: global m-‐commerce is expected to rise by 200% by 2018. Fourth, more global: 4G coverage continues to expand in developing markets, meaning more mobile consumers are coming on-‐stream. All this adds up to people having “connected freedom,” Desmond said. This changes how they behave and what they expect—for instance, consumers expect more immediacy and greater personalization. In Desmond’s world of advertising, this poses particular challenges, and she recommended that agencies, publishers and brands work together to offer mobile content that is valued by millennials—namely, content based on storytelling, sharing and participating. THE PACE OF CHANGE IS UNLIKELY TO LET UP A key takeaway from the MWC is that mobile is rapidly changing how consumers behave and what they expect. It is not simply about more consumers joining the mobile cohort; it is also about existing mobile consumers changing their behaviors and activities. Several speakers, including Facebook CEO Mark Zuckerberg, noted that video on mobile devices has boomed very recently, and many predict that mobile virtual reality is on the way. Other changes are sure to follow. “Mobile Is Everything” was the theme of this year’s MWC, and it appears that every area of commerce will be affected by the mobile revolution. Companies will need to adapt, fast, in order to cater to empowered, mobile-‐enabled consumers.

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February 26, 2016


Sterling Falls to Seven-‐Year Low Against the US Dollar on Brexit Fears Figure 1. GBP vs. USD Daily Exchange Rate: January 1, 2009–February 23, 2016

Source: OANDA • The announcement of a public vote in June on whether Britain should leave the European Union

(EU) has has resulted in the pound sterling dropping to a seven-‐year low against the US dollar.

• UK Prime Minister David Cameron supports the UK staying in the EU. However, London Mayor Boris Johnson this week became one of the biggest names to back the campaign to leave the EU, which has added pressure to financial markets.

• According to the Financial Times, if the sterling falls by 15%–20%, UK inflation could rise by up to five percentage points.

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FBIC HAPPENINGS & WEINSWIG’S WATCH ING

STAT OF THE WEEK

• This week, the FBIC Global Retail & Technology team is attending Mobile World Congress 2016 in Barcelona, Spain.

• At this week’s Mobile World Congress in Barcelona, the event’s producer, GSMA, revealed that the mobile industry contributed 4.2%, or $3.1 trillion, of global GDP in 2015.

• GSMA estimates the mobile industry will add $3.7 trillion to the global economy by 2020.

4.2% Source: GSMA

CHART OF THE WEEK

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February 26, 2016


US RETAIL EARNINGS

Company

Revenues ($ Mil.) Change YoY Gross Margin (%) Change Net Income ($ Mil.) Change YoY Store Fleet EOP

Period 2015 2014 (%) 2015 2014 (BP) 2015 2014 (%) 2015 2014

Gap 4QE Jan. 4,385 4,708 (6.9) 32.8 35.2 (238) 214 319 (32.9) 3,721 3,709

Carter's 4QE Jan. 866 869 (0.3) 41.9 41.0 95 73 69 5.8 594 855

Chico's 4QE Jan. 627 657 (4.6) 50.7 49.9 79 (21) (32) 34.4 1,547 1,518

Dillard's 4QE Jan. 2,074 2,136 (2.9) 29.7 32.9 (316) 84 131 (35.9) 297 297

Gildan Activewear

4QE Jan. 544 391 39.1 26.7 11.0 1566 68 (41) NM NM NM

Home Depot 4QE Jan. 20,980 19,162 9.5 34.1 34.3 (24) 1,471 1,379 6.7 2,274 2,269

Kohl's 4QE Jan. 6,387 6,337 0.8 33.1 33.9 (81) 296 369 (19.8) 1,164 1,162

L Brands 4QE Jan. 4,395 4,068 8.0 45.6 45.1 47 636 565 12.6 650 738

Lowe's 4QE Jan. 13,236 12,540 5.6 34.7 34.7 1 11 450 (97.6) 1,857 1,793

Macy's 4QE Jan. 8,869 9,364 (5.3) 37.4 40.3 (288) 543 793 (31.5) 870 823

Sears 4QE Jan. 7,303 8,099 (9.8) 21.8 24.4 (258) (580) (159) NM 1,672 1,725

Steven Madden 4QE Dec. 344 343 0.3 36.0 34.4 164 26 21 23.8 169 160

Target 4QE Dec. 21,626 21,751 (0.6) 27.9 28.4 (56) 1,426 (2,640) 154.0 169 160

TJX 4QE Dec. 8,388 8,304 1.0 23.8 28.2 (440) 666 648 2.8 3,614 3,395

Source: Company reports

US RETAIL HEADLINES State of Connectivity 2015: A Report on Global Internet Access (February 21) Facebook

• Facebook published its second annual report, entitled State of Connectivity 2015: A Report on Global Internet Access, in which the company takes a close look at the current state of global Internet connectivity, how it has changed since 2014 and how we can use the data identified to generate new insights.

• At the end of 2015, an estimated 3.2 billion people were online, up from 3 billion in 2014. The increase is partly attributable to more affordable data and rising global incomes in 2015. Over the past 10 years, connectivity has increased by approximately 200 to 300 million people per year. While this is positive news in terms of growth, it also means that 4.1 billion people still did not have Internet access in 2015.

Foursquare Will Tell Businesses When Their Ads Bring You into an Actual Store (February 23) TechCrunch

• Foursquare announced a new product that should help brick-‐and-‐mortar advertisers measure the effectiveness of their campaigns.

• With Attribution Powered by Foursquare, the company is making its data available to advertisers even if they do not run campaigns in the Foursquare or Swarm apps. Naturally, that data is focused on location, and that may be Foursquare’s big advantage over Facebook and Twitter, which have also been working to expand their ad capabilities beyond their own properties.

Adidas’ $600-‐a-‐Year Subscription for Workout Clothes Is Testing the Limits of a Big Shopping Trend (February 18) The Washington Post

• Adidas has joined the subscription-‐box game in a move to appeal to female shoppers and so grab back market share from rivals Nike and Under Armour.

• Subscribers to the Avenue A service will receive a quarterly delivery of a curated box of sneakers, apparel and other workout gear. The mix and style of the items will always be a surprise, but seasonally appropriate. Some items will be exclusive or limited edition and others will be widely sold retail fare.

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Luxury Retail Just Found a New Way to Save Itself: Logos Are Back (February 22) Business Insider

• Luxury retail has been faltering as young people gravitate toward practical purchases. But the luxury retail industry might have a solution, as consumers who have been eschewing bold logos in favor of more simple designs are once again showing an interest in logos.

EUROPE RETAIL EARNINGS

Company

Revenues ($ Mil.) Change in $

Change in Reporting Currency Gross Margin (%) Change

Net Income ($ Mil.)

Change YoY Store Fleet EOP

Period 2015 2014 (%) 2015 2014 (BP) 2015 2014 (%) 2015 2014

Kering FYE Dec. 31, 2015 12,862

13,337

(3.6) 15.4 61.1 62.7

(165.5) 755.2 1,366.0

(44.7)

1,264

1,186

DIA FYE Dec. 31, 2015 9,910

10,644

(6.9) 11.4 22.4 22.0

33.5 332.2 437.4

(24.1)

7,718

7,306

Source: Company reports

EUROPE RETAIL HEADLINES Grocery Giants Refuse to Sign Letter Calling for Britain to Remain in the EU (February 23) Retail-‐week.com

• Tesco, Morrisons and Sainsbury’s have refused to sign a letter from business leaders that campaigns for the UK to remain in the EU. Signatories from 198 British businesses are part of the anti-‐Brexit campaign, and 36 of them are chairmen or CEOs of FTSE 100 companies.

• Executives of Marks & Spencer, Kingfisher and Dixons Carphone are among those who have signed the letter, which states that a Brexit would deter investment in the UK. The three grocers, who refuse to sign, feel the decision to remain in the EU should be “a matter for the British people” to consider.

Over a Third of Global E-‐Commerce Sales Are Made Through Mobile (February 22) Criteo.com

• About 35% of global online sales happened on mobile phones in the fourth quarter of 2015, according to digital ad agency Criteo’s report on mobile commerce. Some 3,300 global companies and 1.7 billion transactions were studied in the report.

• Japan, the UK and South Korea are the three countries where smartphones account for the highest percentage of mobile transactions. The report also found that the majority of purchases are not done on a single device but on multiple devices. This means that a customer could have viewed a product on one device but completed the transaction on another.

Etsy Sellers to Get Retail Space in Parisian Department Stores (February 22) Retaildetail.eu

• Department stores in Paris, such as Galeries Lafayette and BHV Marais, will soon offer floor space to sellers from Etsy’s online marketplace. French designers from the e-‐commerce site will first showcase their products at BHV Marais from April 13 to May 7, and then at Galeries Lafayette’s store from June 6 until the end of December.

• The department stores decided to collaborate with Etsy after over 200 of its French designers had a successful run with pop-‐up stores that catered to over 35,000 visitors. The online marketplace has a customer base of 54 million and 1.5 million active sellers.

Amazon Begins Supply of Fresh Produce in Milan (February 18) Retailanalysis.igd.com

• Since February 15, 2015, Amazon has been offering fresh produce through its Prime Now service in Milan. The same-‐day delivery service for Prime members already offers its Italian

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customers frozen food, cold food and bakery items. It has now added 30 types of fruits and vegetables to the 20,000 plus products available.

• The addition of fresh food to its Italian Prime Now service is a significant move for Amazon in Europe. Fresh food was previously available only through Amazon Fresh in New York and on the West Coast in the US. The company has not announced plans to launch Amazon Fresh in the UK yet, but it is widely speculated to do so in 2016.

ASDA Reports 5.5% Decline in Fourth Quarter Comps, 4.7% Decline in Full Year Comps (February 18) Reuters.com

• Walmart-‐owned British supermarket chain ASDA reported a 5.5% decline in its comparable sales, excluding fuel, and a 4.4% decline in net sales, in its fiscal fourth quarter. Its full year comparable sales were down 4.7%. ASDA CEO Andy Clarke told reporters that he forecast only a marginal increase in sales for the following year, but he was confident that the grocer would maintain profitability.

• When asked about the ongoing price war among the big four British grocers, Clarke said that ASDA is determined to win it. He added that although market share is important, financial control and stability are more important, and will enable ASDA to win the price war.

ASIA TECH HEADLINES Mobile P2P Marketplace Swapit Raises New Funding (February 22) TechinAsia

• Swapit is a mobile hyper-‐local marketplace from Hong Kong that allows people who live close to one another to trade, sell and buy secondhand items. The startup announced additional funding from private equity investors, without disclosing either the amount or the identity of the funds.

• Swapit secured seed funding in December 2015. The latest funds will be used to bolster its position in Hong Kong and to build up its technology. The startup plans to expand to other markets, mainly on the city level rather than on the country level.

Sony Is Building an Education and Testing Platform Powered by Blockchain (February 22) TechCrunch

• Sony has announced that it will build a centralized platform for educational assessment and testing scores, and, in doing so, it plans to take advantage of blockchain, the technology that underpins the bitcoin cryptocurrency.

• Blockchain will be used to house educational data that can be securely shared with other services and third parties. Sony said it believes it could “realize an entirely new infrastructure system” with this technology, which it said could be a central system for students and their test results.

Step Aside China, India Is the Go-‐To Market for Mobile Payments (February 22) e27.co

• A report recently released by MasterCard found that India was the country most receptive to using mobile payments: 76.4% of mobile users in India made a mobile payment transaction between October and December 2015. The figure for China was just 0.3% lower, while South Korea’s figure was 62.0% and Thailand’s 61.1%.

• In the past two years, mobile payment transactions in India grew by 29.3%. In Vietnam and Singapore, transactions grew by 17.7% and 17.1%, respectively. In terms of digital wallet adoption, China’s 45% figure was far higher than India’s 36.7% and Singapore’s 23.3%.

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Sony Touts Al-‐Powered Xperia Ear and Eye (February 22) ZDNet

• Sony is hoping to move beyond smartphones and tablets with a range of new voice-‐controlled wearables and devices for the home. The artificial intelligence–powered Xperia Ear is Sony’s latest wearable, which functions as a personal assistant companion to an Android smartphone.

• Owners can use voice commands to initiate a call, search the web, dictate a message or get directions. It is meant to offer a nonintrusive manner of interacting with a smartphone.

Samsung’s Bid for Sharp to Rival Foxconn: Report (February 22) ZDNet

• South Korean tech conglomerate Samsung has offered to buy troubled Japanese electronics giant Sharp “multiple times,” which may affect the final takeover decision, Nikkei has reported.

• In December, Samsung reportedly sent a notice to Sharp, saying that it was interested in acquiring Sharp’s factory in Sakai and that it wanted to review assets early this year. The Sakai factory is owned by both Sharp and Hon Hai Precision, each holding a 38% stake. Samsung wanted Sharp’s stake, the report says.

LATAM RETAIL HEADLINES Latin American Millennials Have a Penchant for Shopping Abroad (February 23) BNamericas

• A study commissioned by PayPal and conducted by Ipsos concluded that millennials (ages 18–34) in Central and South America are more likely to shop online, both domestically and cross-‐border, than are any other members of the population.

• Many millennials chose to shop abroad due to a greater selection of products, secure payment methods and free shipping, although there are continued concerns about receiving products, additional charges such as custom tax, shipping costs, unfavorable exchange rates, identity theft and fraud. The majority of millennials studied made their transactions on desktop or laptop computers, despite the continued growth of smartphones.

Seven Brazilian Banks to Offer Samsung Pay This Year (February 22) BNamericas

• Samsung closed a deal with seven financial institutions in order to offer its contactless Samsung Pay mobile wallet in Brazil. Brazil will be the first country in Latin America to receive the service, which is currently available only in South Korea and the US.

• Samsung Pay will support credit cards from over 70 major and regional banks in Brazil, and will be available to users of the Galaxy S6, S7, Note 7, and some A5 and A6 models.

Mexican Textiles Industry Fears TPP Losses (February 23) WWD.com

• The Mexican textiles industry may see a sharp decline in exports, as the proposed Trans-‐Pacific Partnership (TPP) would increase competition from Vietnam, which has “an unfair sourcing advantage” due to the Import Allowance Program and short-‐supply rules that enable Vietnam to import fabric from China relative to how much cotton it buys from the US.

• Mexican textile companies such as Canaintex plan to lobby Mexican legislators to make sure their interests are taken into consideration when the TPP debates begin (they are likely to begin about the same time as in the US, sometime next year).

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Éxito to Bolster Latin American Apparel Business (February 19) WWD.com

• Colombian hypermarket group Éxito says it will account for 10% of Latin American apparel sales by 2019, following its acquisition of apparel companies in both Argentina and Brazil. The company will expand its apparel franchise outside Colombia, and will expand its private labels.

• While Éxito’s main source of growth will be its multi-‐channel retail sales, it also plans to revamp its catalog and online presence, the latter of which could grow by 20% by 2019, according to company officials.

PayPal Eyes Growth in Alliance with America Móvil (February 22) Bloomberg

• PayPal expanded significantly into Latin America after creating a relationship with America Móvil and its 286 million subscribers. The deal will create digital wallets for customers in both Brazil and Mexico.

• This expansion will help many e-‐commerce companies flourish in Latin America, including Uber and Airbnb. The digital wallets will also help users send money abroad more efficiently and pay for items by scanning them with their smartphones.

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• E = estimated

EARNINGS CALENDAR

Company

Earnings Release Period Date

Sales (Mil.) EPS

Currency Consensus TY LY Actual

Consensus TY LY Actual

Foot Locker 4Q 15 Feb 26 2,007 1,911

1.12 1.00 USD

JCPenney 4Q 15 Feb 26 3,984 3,893

0.21 (0.04) USD

Ascena Retail Group 2Q 16 Mar 1 1,881 1,269

(0.01) 0.09 USD

Dick’s Sporting Goods 4Q 15 Mar 1 (E) 2,284 2,160

1.16 1.30 USD

Dollar Tree 4Q 15 Mar 1 5,408 2,476

1.16 1.07 USD

Kate Spade 4Q 15 Mar 1 441 399

0.32 1.01 USD

Luxottica 2015 Mar 1 8,943 7,699

1.78 1.35 EUR

Ross Stores 4Q 15 Mar 1 3,212 3,033

0.65 0.60 USD

Zalando 2015 Mar 1 2,968 2,214

0.30 0.21 EUR

Abercrombie & Fitch 4Q 15 Mar 2 1,103 1,120

0.99 0.98 USD

American Eagle Outfitters 4Q 15 Mar 2 1,117 1,072

0.42 0.36 USD

Children’s Place 4Q 15 Mar 2 (E) 500 479

1.11 1.04 USD

Costco 2Q 16 Mar 2 28,637 27,454

1.28 1.22 USD

adidas 2015 Mar 3 16,780 14,534

3.40 2.35 EUR

Burlington 4Q 15 Mar 3 1,544 1,497

1.46 1.34 USD

Delhaize Group 2015 Mar 3 24,319 21,361

4.21 0.88 EUR

Kroger 4Q 15 Mar 3 26,263 25,207

0.54 0.52 USD

Big Lots 4Q 15 Mar 4 (E) 1,603 1,593

1.98 1.76 USD

Urban Outfitters 4Q 15 Mar 7 1,017 1,011

0.56 0.60 USD

Vera Bradley 4Q 15 Mar 9 153 153

0.41 0.40 USD

Groupe Casino 2015 Mar 9 46,525 48,493

2.60 2.04 EUR

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February 26, 2016


EVENT CALENDAR

Event Location Date(s) FBIC Presenting

Milan Fashion Week Milan, Italy February 24–March 1

The NGA Show Las Vegas, NV February 28–March 2

Retail Supply Chain Conference 2016 Dallas, TX February 28–March 2

RSA 2016 – Israeli Cyber Security Showcase San Francisco, CA February 29–March 3

Innovation Enterprise Smart Cities Innovation Summit Singapore March 2–3

Paris Fashion Week Paris, France March 2–9

Planalytics Spring Preview with FBIC: What to Expect Webinar March 3 Deborah Weinswig

Target Financial Community Meeting New York, NY March 3

AdThink 2016: The Brightest in Brand/Tech New York, NY March 3

International Home + Housewares Show Chicago, IL March 5–8

Brand Innovators Mega-‐Trends Dallas, TX March 7

Cal-‐Israel Innovation Expo San Diego, CA March 7–9 Connected Shoppers: Customer Engagement and Retail Analytics Webinar March 8 Deborah Weinswig

Brand Innovators Future of Consumer Experience Dallas, TX March 8

Brand Innovators Luxury Brands Dallas, TX March 9

ICSC 2016 New England Retail Connection Hartford, CT March 9

Retail Business Technology Expo 2016 London, UK March 9–10

Retail Design Expo London, UK March 9–10

Retail Marketing Society Luncheon Meeting New York, NY March 10

Innovation Enterprise Women in Strategy Summit New York, NY March 10–11 Innovation Enterprise Digital Marketing Innovation Summit New York, NY March 10–11 Innovation Enterprise Digital Strategy Innovation Summit New York, NY March 10–11

Innovation Enterprise Mobile Innovation Summit New York, NY March 10–11

Brand Innovators Mega-‐Trends Austin, TX March 11

SXSW Interactive & Film Conference Austin, TX March 11–20

Digital Retail Forum Las Vegas, NV March 15

Wearable Technology Show 2016 London, UK March 15–16 Bank of America Merrill Lynch Consumer & Retail Tech Conference New York, NY March 15–16

Shopper Marketing Summit New York, NY March 15–17

Retail Week Live London, UK March 16–17

2016 AAFA Executive Summit Washington, DC March 16–17

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Deborah Weinswig, CPA Fung Business Intelligence Centre New York: 917.655.6790 Hong Kong: 852.6119.1779 China: 86.186.1420.3016 [email protected] Filippo Battaini [email protected]

Chim Sau Wai [email protected]

Rachael Dimit [email protected]

Marie Driscoll, CFA [email protected]

John Harmon, CFA [email protected]

Aragorn Ho [email protected]

John Mercer [email protected]

Shoshana Pollack [email protected]

Kiril Popov [email protected]

Freda Wan [email protected]

Jing Wang [email protected]

Steven Winnick [email protected]

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Weekly Insights Feb 26 - fbicgroup...!4 February 26, 2016 DEBORAH(WEINSWIG,(EXECUTIVE(DIRECTOR–HEAD(OF(GLOBAL(RETAIL(&(TECHNOLOGY([email protected]((US:(917.655.6790((HK:(852.6119.1779((CN